Franchise Suitability Checklist

Colin Ong TS:

Do you want to lead an independent life?

Are you aware that many franchises fail during the first 2 years of operation?

Do you have the support of your family when you choose a franchise?

Do you know enough of the franchise’s industry?

Are you resourceful enough to use internet and trade publications to supplement your understanding of the franchise?

Do you have your own database of contacts that can support your franchise?

Do you have enough financial liquidity to pay for the franchise initial investment?

Along the same lines, do you have enough liquidity to spare if there are extra expenses needed for promotional purposes?

Do you agree with the organizational values of the franchise?

Are you confident in meeting the various targets set out by the franchise?

Are you diligent in following the various conditions of the franchise?

Do you have an exit strategy when the franchise has helped you realize your personal targets?

Are you willing to travel to promote the franchise with its owner in trade conferences?

If all questions were answered as ‘yes’, you can seriously consider being part of a franchise. Go for it!